Hedge fund billionaire Chris Rokos, who paid an estimated £330 million ($418 million) in UK taxes last year, is reportedly moving his residency from the UK to Greece. This move comes amid a trend of wealthy individuals departing Britain, which some attribute to the abolition of the non-domicile tax regime and potential future tax increases. Rokos, who has a net worth of approximately $4 billion, was ranked third on The Sunday Times's list of Britain's top taxpayers.
Greece offers a particularly attractive tax scheme for wealthy foreigners, allowing them to pay a flat yearly tax of €100,000 (approximately $107,000) on all overseas income. This contrasts sharply with the substantial tax contributions Rokos made in the UK. Dan Neidle of Tax Policy Associates highlighted that the £330 million ($418 million) in lost tax revenue from Rokos's departure could fund 4,500 teachers, indicating a significant financial impact for the UK. He also noted the lack of comprehensive data on the true scale of wealthy individuals leaving the UK.
Rokos's decision is not publicly tied to a specific reason, but the Greek tax incentives are considered a major draw. His departure follows other high-profile exits, including Alan Howard, founder of Brevan Howard, who moved to Switzerland. Critics suggest that perceived instability in the UK's tax policies, including changes to the non-dom regime and discussions around a potential wealth tax, are contributing factors to these departures. Rokos recently donated £190 million ($241 million) to Cambridge University to establish a school of government and is also undertaking a £175 million ($222 million) renovation of his Wiltshire mansion.
